Top Argentinian Crypto Firm Purchases Second Largest Bitcoin Exchange In Brazil
- Argentina’s crypto firm, Ripio, is set to purchase Brazil’s second-largest cryptocurrency exchange, BitcoinTrade. Ripio aims to expand its market presence and the prevalence of digital assets across Latin American countries.
According to a local Argentinian newspaper Ambito, Ripio, one of the leading crypto firms in the country has purchased BitcoinTrade, reportedly the second-largest exchange in Brazil. The purchase aims to increase Ripio’s market presence and strengthen its operations across Latin America as the leading digital assets service firm.
Ripio, the largest digital asset exchange in Argentina, announced at the end of 2020 that it had reached close to 1 million active users on its platform. Having entered the Brazil market in 2019, Ripio boasts as one of the fastest-growing crypto companies in the country – a clear indication of why the purchase of BitcoinTrade is important. Sebastián Serrano, CEO at Ripio said,
“We have been following the growth of Bitcoin Trade for a long time and we are convinced that we will overcome greater challenges by working now towards the same goal.”
Launched in 2013, Ripio is one of the oldest, and heavily resourced crypto companies in the Latin American region with over 150 employees across the region. The company will expand its digital assets services to the region to increase the adoption of crypto, Serrano further said;
“We seek to expand access to the world of digital assets, building simple tools and enabling reliable information for decision making.”
BitcoinTrade, launched in 2017, grew to become the second-largest crypto exchange in Brazil in volumes and user activity. As of today, the company joins the Ripio family working to expand digital asset services to Brazilian and Latin American people.
The purchase is set to open up new horizons in the crypto ecosystem in Latin America, Carlos Andre Montenegro, founder of BitcoinTrade said,
“We are convinced that Ripio is the best company to extend the path we have built with BitcoinTrade in Brazil.”
Ripio joins Bitso, a Mexico-based crypto exchange, in the push to capture the hugely underdeveloped Brazilian crypto market. Bitso recently announced a $62 million funding round to expand its services across the Latin American region – with a keen eye on Brazil. Ripio also raised $44 million through VC investment including a $37 million initial coin offering (ICO).
Serrano believes the two companies have enough market to share in Brazil, given the largely underdeveloped crypto industry in the country. He further said,
“Bitso and ourselves are the two really well-funded companies with access to venture capital. There are no companies in that position in Brazil. But, really I think the opportunity is about growing the entire Latin America market.”